A poor checkout experience is more likely to lead to customers abandoning their shopping carts.
Checkout abandonment rates vary based on what industry you’re operating in, what product you’re selling, and who exactly you’re selling to. Based on Baymard Institute’s 2019 research, the average cart abandonment rate is 69.57%.
Ideally, you’ll want to optimize your cart abandonment rate to be lower than this, but if you’re hovering around this number, just understand that this is a benchmark for average performance and that with some optimization, you’ll be on your way to improving your conversion rate.
As the pandemic continues, consumers continue to shift their shopping habits online.
Retailers are taking note and are looking for ways to improve the online shopping experience—specifically focusing on ways to speed up and optimize the checkout process.
Data indicates we’re nearing the tipping point of mass consumer adoption around these more frictionless payment methods: Juniper Research projects that by 2024, as much as 50% of the global population will use digital wallets and that contactless payment transaction values will exceed $1.5 trillion.
As a result, e-commerce platforms are teaming up with online retailers to power e-commerce solutions that are both flexible enough to work with a brand’s needs and their existing technology—which is no minor undertaking.
E-commerce platforms are making strides when it comes to online checkout optimizations as well.
Shopify, for example, along with its one-click Shop payment offering, announced a partnership with China-based Alipay, a digital wallet they hope will “unlock the power of cross-border commerce for Shopify’s merchants,”
Fast.co also introduced Fast Checkout, a payment processing tool that enables online merchants to offer one-click checkout directly on product pages.
Across the board, optimizing the online checkout experience appears to be a top priority for retailers as they work to capitalize on the surge in online shopping and cut down on cart abandonment rates.
Here are some tips to improve your online business checkout experience
- Minimize headers and footers
- Reduce the number of form fields
- Add multiple checkout buttons to your product pages
- Differentiate checkout and continue shopping buttons
- Include product summary at the checkout
- Make it easy to update product quantity and remove items
- Recommend related products before the checkout
- Confirm product availability
- Allow multiple payment methods
- Display how much the user has saved
- Offer discount codes
- Provide free shipping
- Include approximate shipping dates
It’s up to you to figure out why your customers are abandoning their carts and how to optimize the checkout page so that they enjoy a simple and pleasurable shopping experience on your site.